March 21, 2023

GSIS collects record high non-life insurance premiums in 2022

Government Service Insurance System (GSIS) reports a record-high collection of non-life insurance premiums in 2022, as more agencies take steps to protect their assets.

According to data, the government retiree and employee pension fund’s non-life insurance business generated P6.8 billion in gross premium written (GPW) last year, which was a record for the fund.

This is also a 15 percent increase from the 2021 GPW level of P5.9 billion.

Similarly, GSIS reported a 33 percent hike in its net premium written, amounting to P4 billion.

Wick Veloso, president and general manager of GSIS, said that the company has been aggressive in promoting its non-life insurance products through a national campaign.

Additionally, GSIS increased the number of insurance marketing caravans it conducted both online and in person, recording the attendance of nearly 2,500 property officers.

This resulted in big-ticket accounts with a premium of above P5 million being generated during the second half of 2022.

These included the Philippine Statistics Authority, Philippine Reclamation Authority, Cavitex Infrastructure Corp., Hann Philippines Inc., Eastern Visayas Regional Medical Center-Tacloban, and Vicente Sotto Memorial Medical Center-Cebu.

Quirino Memorial Medical Center, the state weather bureau PAGASA, Philippine Coast Guard, Philippine Ports Authority, and additional assets of the Quezon City government were also covered.

GSIS earns income from premium contributions and loan payments from its members and pensioners.

More funds collected contribute to longer fund life and assure that benefits will be paid to members and pensioners when they fall due.